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India rupee plunges

India rupee plunges

A bus conductor counts Indian currency notes at the the end of a trip at a bus terminus in Mumbai on September 23, 2011. India's rupee rose against the dollar, amid speculation the central bank had intervened in the foreign exchange market to prop up the ailing currency, traders said. The currency has fallen sharply in recent days to a 28-month-low of 50 Indian Rupees to the US dollar as traders rush to the safe haven US unit due to fears over the outlook for the global economy.The fall in the rupee is fuelling India's inflationary woes, making imported goods such as foreign crude oil, on which the country is reliant, more costly.

INDRANIL MUKHERJEE